Greek Power Utility PPC Secures Financing for Massive Solar Project

• Greek power utility PPC SA's renewables arm secures debt financing for a 550 MW solar project in Western Macedonia. The Phoibe project aims to generate 1 TWh of electricity annually, powering 200,000 homes.

Greek power utility PPC SA's renewables arm has secured debt financing for a 550 MW solar project at a former lignite mine in Greece's Western Macedonia region. The financing, arranged under the country's National Recovery and Resilience Plan, includes a long-term loan of €294.4m ($320.3m), with €184m coming from the Greek Recovery and Resilience Facility and €110.4m from domestic lenders Eurobank and Piraeus Bank. The remaining €73.6m will be sourced from the developer's own reserves. The Phoibe photovoltaic project is estimated to cost €368m and is expected to be completed by 2025.

The solar complex, to be located in the municipalities of Eordaia and Kozani, will feature approximately 950,000 bifacial panels mounted on single-axis trackers across 10 million sq m of land. Once operational, the project is projected to generate about 1 TWh of electricity annually, equivalent to the consumption of 200,000 homes and nearly 2.5% of domestic electricity generation.

What is the financing and capacity of PPC SA's solar project in Greece?

• The solar project developed by PPC SA's renewables arm in Greece's Western Macedonia region has a capacity of 550 MW.
• The project has secured debt financing, including a long-term loan of €294.4m ($320.3m).
• €184m of the financing comes from the Greek Recovery and Resilience Facility.
• €110.4m of the financing comes from domestic lenders Eurobank and Piraeus Bank.
• The remaining €73.6m will be sourced from the developer's own reserves.
• The Phoibe photovoltaic project is estimated to cost €368m.
• The project is expected to be completed by 2025.
• The solar complex will be located in the municipalities of Eordaia and Kozani.
• The project will feature approximately 950,000 bifacial panels mounted on single-axis trackers.
• The panels will be spread across 10 million sq m of land.
• Once operational, the project is projected to generate about 1 TWh of electricity annually.
• This amount of electricity is equivalent to the consumption of 200,000 homes.
• The project will contribute nearly 2.5% of domestic electricity generation.